editorial

editorial

Editorial: The Proxy is Empty. The Musk Arbitrage Just Got Cheaper.

The 19 October proxy is empty of any SpaceX merger vote. The AGM on 3 December is defensive. For unhedged Australian holders the structural discount remains: if Musk unifies the empire, TSLA is still the cheaper entry than SPCX.

editorial

Editorial: The Roadster Flew. Should Your Portfolio?

Tesla flipped a car off an upside-down ramp in Texas. That is an engineering milestone. A halo car with no confirmed price, volume or delivery date is not a scale milestone, and scale is what the stock was already pricing.

editorial

Editorial: Cybercab Is in the App. The Multiple Is Still Waiting on the Audit.

Tesla put a steering-wheel-free car into a public Austin geofence last week. That is a product milestone. Forty-five registered Cybercabs and an NHTSA audit of about 1,000 self-certified vehicles are not a scale milestone — and scale is what the stock was already pricing.

editorial

Editorial: Terafab’s Third Wheel — Intel, Washington, and the SpaceX-Only Contracts

Wall Street keeps pointing at the bulldozers in Grimes County as proof Tesla and SpaceX are converging. The public record shows a more complicated picture: a foundry partner partly owned by the federal government, and county contracts that name only one company.